Top things to know about Avant personal loans:
- Avant offers personal loans from $2,000 to $35,000 with APR’s from 9.95% to 35.99%
- Avant’s personal loans are issued by WebBank
- Avant does not charge prepayment fees on their loans but does charge an administration fee. So payoff early if you can.
- Avant personal loans are good for people with credit scores credit scores around 640 to 720
Avant offers personal loans from $2,000 to $35,000 with APR’s from 9.95% to 35.99%
Personal loans from Avant will range from a minimum of $2,000 up to a maximum of $35,000. The loan amount they offer will depend on their assessment of your credit history, income, and regulatory requirements.
The length of the repayment for their personal loans varies from 12 to 60 months. This allows for flexibility in the monthly payment amount that you may be charged. You should note that for any interest rate offered, a longer term will mean lower payments. Those lower monthly payments will be paid for with a higher total interest repaid.
Avant’s personal loans are issued by WebBank
The Avant brand name is a company that markets and manages personal loans. However, they are not the legal lender that you will work with. The lender for Avant personal loans is WebBank, a Utah chartered Industrial Bank. That means any personal loan received from Avant is regulated by the laws of the State of Utah and the Office of the Comptroller of the Currency (OCC).
Avant does not charge prepayment fees on their loans but does charge an administration fee
Not charging a prepayment fee on your personal loan is not a unique feature of Avant loans, but rather “table stakes” for reputable lenders. This is one of the first checks you should make before entering into any loan agreement.
Avant’s administration fee is essentially an origination fee. It is a fee charged at the beginning of your loan and will be paid with your loan repayments. It will be accounted for in your APR meaning that the monthly interest rate on your loan will be less than the APR. This upfront fee is common for unsecured loans, especially if the loan amounts are less than $10,000.
Avant personal loans are good for people with credit scores credit scores around 640 to 720
Based on the rates and terms that Avant offers, their loans are likely are best suited for people in the 640 to 720 credit score range. You may be able to get a loan from Avant with credit scores below 640. Likewise, you should be able to get approved with a credit score above 720. People with a score above 720 will likely qualify for lower cost loans from other lenders. You can shop for rates using our personal loan tool.
The Yukon Project’s take:
Avant offers personal loans with rates that are on par or better than most based on their loan amounts. They don’t charge prepayment penalties, which we believe is key to a good loan product. No prepayment penalties means you can pay off the loan early to limit the total interest cost.
Their loans look good for emergencies allowing you access to funds quickly. The amount of the loan you could be offered will depend on your current credit situation, income, and ability to repay the loans.
If you are looking for a debt consolidation loan, you should consider shopping around. The rates on their loans coupled with the origination fee may mean that you will not be able to reduce your total interest cost.
Regardless of the reason you are looking for a personal loan, The Yukon Project makes it easy to compare rates. You can use our loan matching tool to get prequalified for a loan. The process is quick and you could receive multiple prequalified loan offers allowing you to pick the loan and lender that best fits your needs.
If you are considering a loan offer from Avant and would like us to review your loan agreement you can send it to us. Be sure to remove any of your personal information such as name and SSN before doing so.
*Always consider the cost of repayment before borrowing. Make sure the payment fits in your budget and read the loan agreement before accepting the loan.